Tuesday April 22nd, 2025

• Corn and wheat are down this morning, beans are up.
• Planting Pace:
  • US corn planting exceeded expectations by 2 points this week, sitting at 12% complete VS the 10% average for this time of year.
  • Soybean planting came in a point above analyst’s expectations.  Seeding is 8% complete and the average for this time of year is 5%.  See map below for planting trends.
  • Spring wheat is 14% seeded VS the 12% average.
• US Winter Wheat ratings declined last week but remain above average.  The crop was rated 45% G/E vs 47% last week and 41% average.
• Export Inspections:
  • Corn shipments were strong last week, surpassing pre-report expectations.  USDA reported that 1.7MMT of corn inspected, this is down 7% compared to the previous week but up 2.5% vs the same week last year.
  • Soybean shipments were within range of expectations at 550,924MT, down 1% from the previous week but up 24% compared to the same week last year.  Beans are running 4% ahead of the pace needed to meet total expectations.
  • Wheat shipments surpassed expectations at 510,250MT, – 17% from the previous week but up 13% vs the same week last year.  This leaves wheat roughly 1% ahead of the pace needed.
• The US dollar fell to a three-year low on Monday..